New Delhi: ICICI Bank's stocks rose by almost 3 percent in morning trading on Monday following the company's announcement of a nearly 10 percent rise in consolidated net profit for the June quarter. The BSE saw a 2.67 per cent increase in the stock price, reaching Rs 1,239.95.
It rose by 2.74 per cent to reach Rs 1,240.35 at the NSE. ICICI Bank's consolidated net profit increased by nearly 10 per cent to Rs 11,696 crore during the quarter, backed by gains in treasury. The country's second-largest private sector lender saw a decrease in growth in core income, but its post-tax profit increased by 14.62 per cent to Rs 11,059 crore on a standalone basis, thanks to treasury operations.
The primary source of income from interest (NII) experienced a slow growth of 7.3% in the current quarter, totaling Rs 19,553 crore. The NII growth was significantly hindered by over 0.40 percent due to a decrease in the net interest margin to 4.36 percent compared to the previous year, along with an approximately 16 percent increase in domestic loans.
Excluding treasury operations, the non-interest income increased by 23 per cent to Rs 6,389 crore, with treasury gains alone more than doubling to Rs 613 crore from the previous year's Rs 252 crore. The gross ratio of non-performing assets remained unchanged at 2.36 per cent as of June 30, 2024.
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